Life Insurance 101 – what you need to know about senior life policies

If you’re a senior who’s searching for an efficient life insurance policy, you have probably came across the misunderstanding that surrounds the topic of senior life insurance, which is that elderly citizens may encounter difficulties when trying to make such an investment. Given the criteria on which insurance companies usually base their selection of applicants (which involve health aspects and personal life), the statement is somewhat understandable. What is omitted is that insurance companies, being aware of the fact that seniors are also interested in life insurance, have developed policies which allow an easier qualification. If you’re an elderly citizen who’s looking for protection, you ought to be aware of the following:

1. You ought to focus on term life insurance. Whole life is more expensive and may prove problematic to obtain if you’ve passed a certain age. Term life is equally efficient in your situation and you can get it at cheaper rates. However, the younger and the healthier you are, the cheaper the rates – you ought to expect the rates to be higher than those of young adults.

2. You can buy term life insurance for how many years you like. Check it through with your insurance agent and decide what policies are good for you.

3. If you want to avoid a medical examination, you can opt for no exam insurance policies, which include:
– Guaranteed acceptance life insurance
– Simplified issue life insurance
– Graded benefit life insurance

These types of policies do not include a medical examination. However, you will be required to submit a form with medical related content, and the questions may be very specific. Also, you can expect the rates to be higher, given the fact that the insurance company will undertake more risk by signing with you. Remember that insurance is a gamble between you and the insurance company – both of you are looking for interest.

For more tips and articles on affordable senior life insurance rates and on how to find an insurance agent, make sure you visit  http://www.topseniorlifeinsurance.com/ on a regular basis!